BRANFORD, Conn., Nov. 10,
2021 /PRNewswire/ -- IsoPlexis Corporation (Nasdaq: ISO), the
leader in functional single-cell proteomics, today reported
financial results for the quarter ended September 30, 2021.
Recent Highlights
- Revenue of $4.2 million for the
third quarter of 2021, an increase of 28% over the corresponding
period of 2020
- Revenue of $11.7 million
year-to-date in 2021, an increase of 68% over the corresponding
period of 2020
- Announced Duomic™, our integrated single-cell functional
multi-omic biology platform
- ◦ Presented first proof-of-concept data on tumor biology at
AGBT Precision Health
- ◦ Presenting first proof-of concept data on T-cell immunology
and cell therapy at Society for Immunotherapy of Cancer
- Demonstrated traction with customer publications in two
Nature Medicine publications and Journal of Clinical
Oncology showing clinical utility and unique use cases of the
IsoPlexis platform for cell therapy and cancer immunology
- Completed initial public offering in October, raising net
proceeds of approximately $111.0
million
- Strengthened senior leadership team with additions of
Anthony Catalano, SVP of Operations,
Richard Rew, Secretary, SVP and
General Counsel, Michelle Reid, VP
of Service and Support, Raj Khakhar, VP Finance, and Jason Ou, Asia-Pacific General Manager
- Appointed Dr. Jason Myers,
formerly CEO of ArcherDx, Siddhartha Kadia, formerly President of
Life Technologies, and Michael
Egholm, formerly CTO of Danaher Life Sciences and President
of Pall Life Sciences, to Board of Directors
"At IsoPlexis, our team is focused on leveraging our unique
combination of proteomics and single cell biology to accelerate
advanced curative medicines," said Sean
Mackay, Co-founder and CEO of IsoPlexis. "As academic
medical centers, biotechs, and biopharma recognize the need to move
beyond genomics and into proteomics, we are well-positioned as a
leader in single-cell proteomics to capture interest and market
share in the field of advanced immune medicines."
Third Quarter 2021 Financial Results
Revenue was
$4.2 million for the three months
ended September 30, 2021, a 28%
increase from $3.3 million for the
three months ended September 30,
2020. This increase was primarily attributable to an
increase in consumable revenue driven by an increase in the number
of units at customer locations.
Gross margin was 47% for the third quarter of 2021, as compared
to 54% for the corresponding prior year period. The decrease in
gross margin was driven primarily by the increased cost of raw
materials and increases in inventory reserves.
Operating expenses were $21.9
million for the third quarter of 2021, a 173% increase from
$8.0 million for the three months
ended September 30, 2020. The
increase in operating expenses was primarily driven by headcount
expansion across our business, primarily centered around the
commercial organization.
Operating loss was $19.9 million
for the third quarter of 2021, as compared to $6.3 million for the corresponding prior year
period.
Net loss was $20.2 million for the
third quarter of 2021, as compared to a net loss of $5.0 million for the corresponding prior year
period.
Cash was $40.7 million as of
September 30, 2021. Subsequent to the
end of the quarter, on October 12,
2021, IsoPlexis completed its initial public offering,
raising approximately $111.0 million
of net proceeds, after deducting underwriting discounts and
commissions and other offering expenses.
2021 Guidance
IsoPlexis expects full year 2021 revenue
to grow by at least 61% compared to full year 2020.
Webcast Information
IsoPlexis will host a conference
call to discuss the third quarter 2021 financial results before
market open on Wednesday, November 10,
2021 at 5:30 am Pacific Time /
8:30 am Eastern Time. A webcast of
the conference call can be accessed at
http://investors.isoplexis.com. The webcast will be archived and
available for replay for at least 90 days after the event.
About IsoPlexis
IsoPlexis is leading a new era of
functional proteomics. By identifying our most proteomically active
single cells (or "superhero cells") for the first time, IsoPlexis
enables researchers to connect more directly to in vivo biology and
develop more precise and personalized therapies. IsoPlexis has been
named Top Innovation or Design by the Scientist Magazine, Fierce,
BIG Innovation, Red Dot and multiple others. The IsoPlexis platform
is used globally by researchers, including those at the top 15
global pharmaceutical companies and at the majority of leading U.S.
comprehensive cancer centers.
Forward Looking Statements
This press release contains
"forward-looking statements." These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are neither
historical facts nor assurance of future performance. Instead, they
are based on our current beliefs, expectations and assumptions
regarding the future of our business, future plans and strategies
and other future conditions. Such forward-looking statements may
include, without limitation, statements about future opportunities
for us and our products and services, our future operations,
financial or operating results, including our 2021 financial
guidance, anticipated business levels, future earnings, planned
activities, anticipated growth market opportunities, strategies,
competitions and other expectations and targets for future periods.
In some cases, you can identify forward-looking statements because
they contain words such as "anticipate," "believe," "estimate,"
"expect," "intend," "may," "predict," "project," "target,"
"potential," "seek," "will," "would," "could," "should,"
"continue," "contemplate," "plan," and other words and terms of
similar meaning. Forward-looking statements are subject to known
and unknown risks and uncertainties, many of which may be beyond
our control. We caution you that forward-looking statements are not
guarantees of future performance or outcomes and that actual
performance and outcomes may differ materially from those made in
or suggested by the forward-looking statements contained in this
press release. In addition, even if our results of operations,
financial condition and cash flows, and the development of the
markets in which we operate, are consistent with the
forward-looking statements contained in this press release, those
results, or developments may not be indicative of results or
developments in subsequent periods. New factors emerge from time to
time that may cause our business not to develop as we expect, and
it is not possible for us to predict all of them.
Factors that could cause actual results and outcomes to differ
from those reflected in forward-looking statements include, among
others, the following: estimates of our addressable market, market
growth, future revenue, expenses, capital requirements, and our
needs for additional financing; the implementation of our business
model and strategic plans for our products and technologies;
competitive companies and technologies and our industry; our
ability to develop and grow our business by expanding our sales to
existing customers or introducing our products to new customers;
our ability to develop and commercialize new products; our ability
to establish and maintain intellectual property protection for our
products or avoid or defend claims of infringement; the performance
of third party suppliers; our ability to hire and retain key
personnel and to manage our future growth effectively; our ability
to obtain additional financing in future offerings; the volatility
of the trading price of our common stock; our expectations
regarding use of proceeds from our initial public offering ("IPO");
the potential effects of government regulation; the impact of
COVID-19 on our business; and our expectations about market trends.
For a further discussion of these and other factors that could
impact our future results, performance or transactions, see the
section "Risk Factors" included in the final prospectus for the
Company's IPO dated October 7, 2021
and filed with the Securities and Exchange Commission ("SEC") on
October 12, 2021 pursuant to Rule
424(b)(4) under the Securities Act of 1933, as amended, and our
other filings with the SEC. Given these uncertainties, you
should not place undue reliance on these forward-looking
statements. It is not possible for us to predict al risks, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. We qualify all of the
forward-looking statements in this press release by these
cautionary statements. Except as required by law, we undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor Contact
investors@isoplexis.com
Press Contact
press@isoplexis.com
IsoPlexis
Corporation
Condensed
Consolidated Statements of Operations
(unaudited)
|
|
|
|
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
(in thousands, except share and per share amounts)
|
2021
|
2020
|
2021
|
2020
|
Revenue
|
|
|
|
|
Product revenue
|
$
3,890
|
$
3,025
|
$
10,906
|
$
6,115
|
Service revenue
|
303
|
254
|
810
|
868
|
Total
revenue
|
4,193
|
3,279
|
11,716
|
6,983
|
Cost of product
revenue
|
2,207
|
1,505
|
5,758
|
3,275
|
Cost of
service revenue
|
13
|
13
|
41
|
89
|
Gross profit
|
1,973
|
1,761
|
5,917
|
3,619
|
Operating expenses:
|
|
|
|
|
Research and
development expenses
|
4,700
|
2,474
|
13,869
|
7,468
|
General and administrative expenses
|
7,106
|
2,575
|
16,670
|
6,247
|
Sales and
marketing expenses
|
10,066
|
2,962
|
27,097
|
7,774
|
Total operating
expenses
|
21,872
|
8,011
|
57,636
|
21,489
|
Loss from
operations
|
(19,899)
|
(6,250)
|
(51,719)
|
(17,870)
|
Other income
and (expense):
|
|
|
|
|
Grant income
|
862
|
1,225
|
2,189
|
2,717
|
Change in fair
value of warrants and loan commitment
|
(97)
|
(21)
|
(4,104)
|
(64)
|
Interest income
|
1
|
1
|
9
|
3
|
Interest expense
|
(1,066)
|
—
|
(2,687)
|
—
|
Net loss
|
$
(20,199)
|
$
(5,045)
|
$
(56,312)
|
$
(15,214)
|
Accrued dividends on preferred
stock
|
(3,400)
|
(1,558)
|
(10,010)
|
(4,541)
|
Net loss attributable to
common stockholders
|
(23,599)
|
(6,603)
|
(66,322)
|
(19,755)
|
Basic and
diluted net loss per common share
|
$
(10.66)
|
$
(3.16)
|
$
(30.59)
|
$
(9.48)
|
Weighted-average common shares outstanding—basic
and diluted
|
2,213,825
|
2,086,345
|
2,168,259
|
2,084,497
|
IsoPlexis
Corporation
Condensed
Consolidated Balance Sheets
(unaudited)
|
|
|
|
(in thousands, except share amounts)
|
September 30,
2021
|
December 31,
2020
|
Assets
|
|
|
Current assets:
|
|
|
Cash
|
$
40,739
|
$
106,641
|
Accounts receivable, net
|
3,493
|
2,922
|
Inventories, net
|
20,232
|
3,955
|
Prepaid expenses and
other current assets
|
7,613
|
2,156
|
Total current assets
|
72,077
|
115,674
|
Property and
equipment, net
|
4,558
|
3,227
|
Intangible assets, net
|
21,266
|
1,643
|
Other assets
|
1,971
|
3,061
|
Total assets
|
$
99,872
|
$
123,605
|
Liabilities, redeemable convertible preferred stock and stockholders' deficit
|
|
|
Current liabilities:
|
|
|
Accounts payable
|
$
5,909
|
$
2,137
|
Accrued expenses and other current
liabilities
|
5,384
|
2,129
|
Deferred revenue
|
1,089
|
356
|
Deferred rent
|
76
|
—
|
Total current
liabilities
|
12,458
|
4,622
|
Warrant
liability
|
8,330
|
4,637
|
Long-term debt
|
31,767
|
22,137
|
Total liabilities:
|
52,555
|
31,396
|
Commitments and
contingencies Redeemable convertible preferred stock:
|
|
|
Series A preferred
stock, $0.001 par value per share, 253,862 shares authorized,
issued and outstanding (liquidation value of $2,842 as of
September 30, 2021)
|
1,596
|
1,596
|
Series A-2 preferred
stock, $0.001 par value per share, 293,180 shares authorized;
293,180 and 290,002 issued and outstanding as of September
30, 2021 and
December 31, 2020 (liquidation value of $5,956 as of
September 30, 2021)
|
3,870
|
3,623
|
Series B preferred
stock, $0.001 par value per share, 376,061 shares authorized,
issued and outstanding (liquidation value of $9,865 as of
September 30, 2021)
|
6,606
|
6,606
|
Series B-2 preferred
stock, $0.001 par value per share, 237,183 shares authorized,
issued and outstanding (liquidation value of $9,699 as of
September 30, 2021)
|
6,991
|
6,991
|
Series C preferred
stock, $0.001 par value per share, 564,287 shares authorized,
issued and outstanding (liquidation value of $31,165 as of
September 30, 2021)
|
24,839
|
24,839
|
Series C-2 preferred
stock, $0.001 par value per share, 515,218 shares authorized,
issued and outstanding (liquidation value of $28,605 as of
September 30, 2021)
|
24,929
|
24,929
|
Series D preferred
stock, $0.001 par value per share, 1,202,549 shares authorized;
1,105,045 and 975,039 shares issued and outstanding as of
September 30, 2021 and
December 31, 2020, respectively (liquidation value of
$90,092 as of September 30, 2021)
|
84,876
|
74,876
|
Stockholders'
deficit:
|
|
|
Common stock, $0.001
par value, 400,000,000 shares authorized; 2,214,960 and
2,133,904
shares issued and outstanding as of September 30, 2021 and
December 31, 2020, respectively
|
|
|
2
|
2
|
Additional paid-in
capital
|
2,324
|
1,151
|
Accumulated
deficit
|
(108,716)
|
(52,404)
|
Total stockholders'
deficit
|
(106,390)
|
(51,251)
|
Total liabilities, redeemable convertible preferred stock
and stockholders' deficit
|
$
99,872
|
$
123,605
|
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SOURCE IsoPlexis